BANGALORE, India, April 25, 2023 /PRNewswire/ -- The Global Supply Chain Management Market is Segmented by Component (Solution, Service), by Solution Type (Transportation management system, Warehouse management system, Supply chain planning, Procurement and sourcing, Manufacturing execution system), by Deployment Mode (On-premise, On-Demand/Cloud-Based), by Enterprise Size (Large Enterprise, SMEs), by Industry Vertical (Retail and consumer goods, Healthcare and pharmaceuticals, Manufacturing, Food and beverages, Transportation and logistics, Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2022-2032. It is published in Valuates Reports under the Business Services Category.
The global supply chain management market was valued at USD 27.2 Billion in 2022 and is projected to reach USD 75.6 Billion by 2032, growing at a CAGR of 10.9% from 2023 to 2032.
The major factor is expected to drive the growth of the supply chain management market
The global SCM market is expanding as a result of increased technical development, investments, and demand for supply chain management services and software across various businesses and industries. Additionally, a rise in the use of SCM software by pharmaceutical and healthcare organizations has a beneficial effect on the expansion of the supply chain management market. During the projection period, it is anticipated that an increase in advanced information and communications technology would present lucrative chances for the SCM market to grow.
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TRENDS INFLUENCING THE GROWTH OF SUPPLY CHAIN MANAGEMENT MARKET:
Increased technology development and investment are anticipated to boost operational effectiveness and contribute to growing firm income. These technologies are also being applied to enhance connection, supply chain visibility, transparency, and supply chain management. Additionally, a lot of businesses have been using automation to optimize their supply chains for decades. The speed of change is quickening as a result of technological developments like intelligent automation (IA), which combines robotics and artificial intelligence (AI) to automate complicated machine processes. Major market participants are also investing in and incorporating cutting-edge software technologies like cloud computing, artificial intelligence, machine learning, and other technologies in SCM. This factor is expected to drive the growth of the supply chain management market.
One of the main drivers of the expansion of supply chain management software is the rising demand for demand and supply management solutions. An organization's ability to modify its capacity to meet fluctuations in demand or to manage the amount of demand through marketing or supply chain management tactics is known as demand management. For organizations that rely on the internet, demand management tools assist in producing statistics-based forecasts using data, current occurrences, and incidental circumstances. Demand management makes an automated ecosystem possible by applying it to evaluate supply constraints, financial projections, customer obligations, and inventory counts. The method entails prioritizing demand when supply is weak and forecasting all product and service demand to assist the marketing team. This factor is expected to drive the growth of the supply chain management market.
Additionally, especially during the pandemic, e-commerce platforms have grown in popularity. Consumers have access to a wide range of options through online platforms, which is convenient and time and effort efficient. E-commerce has been more and more popular in recent years thanks to aggressive internet marketing and alluring deals and discounts provided by businesses. The Supply Chain Management market is expanding as a result of the use of SCM solutions by participants for effective management, planning, and fast delivery of goods to clients due to the rise of the e-commerce industry.
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SUPPLY CHAIN MANAGEMENT MARKET SHARE ANALYSIS:
North America held the largest regional share of the supply chain management market in 2022, and it is anticipated that it will continue to do so throughout the forecast period due to the region's technical infrastructure and its high rate of advanced technology adoption. However, due to numerous mergers and acquisitions between top suppliers, Asia-Pacific is anticipated to have considerable development during the projection period.
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Key Companies:
- Epicor Software Corporation
- Highjump
- Infor
- International Business Machines Corporation
- Jda Software Group, Inc.
- Kinaxis Inc.
- Manhattan Associates
- Oracle Corporation
- Sap Se
- The Descartes Systems Group Inc.
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SIMILAR REPORTS:
- Healthcare Supply Chain Management market size is projected to reach USD 4225.6 million by 2027, from USD 2267.5 million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.3% during the forecast period 2021-2027.
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